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a hicksian demand is found by minimizing cost subject to a budget constraint.
is it true or false?
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- Why can bubbles not exist if it is commonly known that the initial allocation is Interim Pareto Efficient?a) What is the inverse demand function? b) If the current price is optimal what is then MC?The quantity demanded x each month of Russo Espresso Makers is 250 when the unit price p is $150; the quantity demanded each month is 1000 when the unit price is $120. The suppliers will market 750 espresso makers if the unit price is $50. At a unit price of $80, they are willing to market 3000 units. Both the demand and supply equations are known to be linear. (a) Find the demand equation.p = (b) Find the supply equation.p = (c) Find the equilibrium quantity and the equilibrium price. equilibrium quantity units equilibrium price $
- The demand function for a truckload of firewood for college students in a small town is Qc = 400-p. It is sometimes convenient to rewrite a demand function with price on the left side. We refer to such a relationship as the inverse demand function. Therefore, the inverse dimand function for college student is p = 400 - Qc. The demand function for other town residents is Qr = 400 -2p. What is the inverse demand function for other town residents? At a price of $300,. will college students buy any firewood? What about town residents? At what price is the quantity demanded by other town residents zero? Draw the total demand curve, which sums the demand curves for college students and other residents?The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r , where x is the number of units of the product, D(x) is the price that results in a consumer demand of x units and S(x) is the price that results in a producer supply of x units. a. Find the equilibrium point using your calculator and identify the equilibrium units and price. Give your answers to the nearest whole unit and nearest dollar. The value of x at equilibrium is units. The value of p at equilibrium is b. Determine the consumers' surplus.Solve parts d,e and f Jen from Thunder Bay consumes housing (H) and food (F). Her studentstipend is $600/month. She has a utility function of U(H, F) = F1/3H2/3.The initial price of food is pF = 1 and the price of housing is pH = 10. (a) Determine how much food and housing she consumes.(b) Suppose the government decides to subsidize her housing by 50%.This has the effect of lowering the price she actually pays for housingto $5. If the price of food is $1 and the price of housing is $5, calculateJen’s utility maximizing bundle of goods.(c) How much does the Government spend on this program (just on Jen)?(d) Calculate her utility level using the utility function above and thequantities consumed.(e) Calculate Jen’s utility maximizing bundle and her resulting utilitylevel if the government chooses to simply give her the money theywould have spent on the program (rather than subsidize housing).How much utility does Jen get?(f) Given the two programs cost the same, which one is better for…
- Explain the technique of constrained optimization in relation to utility functions and how it relates to consumer equilibrium.Assume that the demand function is equal to: QD = 5000 - 1000P Where the price range is P1.00 to P5.00, derive the demand schedule economicsDuring the 1950s the wholesale price for chicken for a country fell from 25c per pound to 14c per pound, while per capita chicken consumption rose from 21.5 pounds per year to 27 pounds per year. Assume that the demand for chicken depended linearly on the price. (a) Construct a linear demand function q(p), where p is in cents (e.g., use 14c, not $0.14). Then, find the revenue function. R(p). R(p) = (b) What wholesale price for chicken would have maximized revenues for poultry farmers? ¢ per pound Second derivative test: Your answer above is a critical point for the revenue function. To show it is a maximum, calculate the second derivative of the revenue function. R"(p)=
- Since 2019, the price of lithium in China has been falling (and it is predicted to continue falling through 2020). Assume nothing else is happening (the only thing changing is the price). As the price falls, demand for lithium in China falls True or false?The increase in the price of meat reduces the amount of demand for meat. Ceteris Paribus.The ceteris paribus assumption above considers variables other than price and the amount of demand is not fixedTrue / false ?A company that makes sweatshirts is willing to supply 156 sweatshirts each month if the price is $24 each and will supply 204 sweatshirts each month if the price is $36 each. Find the linear supply function, qS where qS is the number of sweatshirts the company is willing to make available per month at a price of p dollars per sweatshirt. A.qS = 12p + 48 B.qS = p/12 – 48 C.qS = 0.25p – 15 D.qS = 4p + 60
